The most important thing is to start keeping records of all your financial transactions, income (sales) and expenditure. You can do this by keeping a list in a book or spreadsheets. Alternatively, make sure you open a ‘business bank account’ and keep all the statements and receipts for expenses and invoices (sales).

There is no definitive guide, so always get advice on this by any qualified and insured accountant. Having said that, the basic rules relate to all expenses you pay out in the course of delivering your business. This can include rent and rates for business promises, or part of your home, petrol, motor costs, marketing, insurances, utilities, tools, equipment and of course any staff costs.

Keeping your personal and business finances separate is really important, so, while as a Sole Trader there is no legal requirement to have a separate bank account, it is a good idea to open one. If you are a partnership, trust of limited company, there are legal requirements to have a separate bank account for tax purposes.

There are a wide range and complex rules which relate to tax reduction and take it from us, every case is different. But, in addition to standard business expenses there are a variety of allowances, pension relief schemes and general planning activities we can help you with that can help reduce your tax bill legally. For more information go to https://www.thetimes.co.uk/money-mentor/article/ten-easy-ways-to-cut-your-tax-bill/

VAT or valued added tax is a tax levied on the supply of goods and services. As a VAT registered business you are required to charge your customers VAT but can then offset the VAT you are charged from your suppliers. The summary of these is reported online, normally quarterly under a process called Making Tax Digital in what is referred to as a VAT return with the VAT due being paid over to HM Revenue & Customs. It is worth bearing in mind that when dealing with VAT you are simply a collection agent and as such do not ‘profit’ from being VAT registered. For further details in when and how to register for VAT please follow this link https://www.gov.uk/vat-registration

Making a healthy profit will protect the business and help you invest in the future. The key to profitability is being in control of your costs (the money you spend in delivering your service or product, including your time), charging a good market price for your goods and services, and having a day by day, week by week methodology to measure these to ensure your sales value is above your costs i.e. the profit (Sales-Costs = Profit).

If by make more money you mean increase your sales, then there are loads of ways you can make more money? Increasing your prices is often the easiest way, many of our clients under sell their goods and services so there is often room for manoeuvre. Increasing your customers through marketing, business development and networking is another good tactic.

Taking on people is a challenge, but a great step forward for any business. With regard to your finances, the key task is making sure you have a process in place to assess, record and pay their Pay As You Earn (PAYE) from day one. Enterprise have a cost effective Payroll Service which take all the headaches away for a monthly fee. Legally, you must ensure you have Employee’s Liability Insurance and a Contract of Employment in place. If you’re taking on an apprentice, the ‘Provider’ helps you with much of the paperwork. For more information go to https://www.gov.uk/employ-someone

There are indeed benefits, plus some additional responsibilities. The main benefits can centre around tax and how much you pay, depending on how much the business earns. There are often positive reputational benefits from being perceived as being more ‘reliable’ to do business with and it creates a legal vehicle which you own and can sell in the future. Becoming a limited company comes with more legal obligations i.e. annual submissions to Companies House and the appointment of a Company Secretary. For more information go to XXXXXXXXXXXX

As a business owner it can be difficult to save for your pension, but it is important to do so and the government provides substantial allowances and contributions to help people. You can save as little or as much as you like and by far the best place to start is by getting good, professional advice. At Enterprise we have a Wealth Management & Pensions service which we operate in partnership with a number of partners.

Growing your business can bring huge benefits and long term, personal financial security, but requires planning and at times, hard work. Making sure the business is well run and efficient is a good start, after that it’s important to exploit all your current opportunities to their full and finally, it is about acquiring new customers or providing new services and products. Our Business Consultancy service can be the perfect place to start. We listen to your aspirations and ideas and then help you build a plan for growth and expansion.

The golden rule on selling your business is, plan for that outcome as early as you can. The longer you give yourself to achieve that goal, the better the chances you have of getting more money for it come the day of sale. Our Consultancy service helps all kinds of businesses create long term (and short term) plans to sell, but as a starter for ten, you need to think about the business’s value, reputation, prospects, assets, scale and future commitments. These are just some of that factors which will enable you to get the best deal and price.

Buying a business can bring significant benefits, it also brings risk and requires a great deal of homework (due diligence) if you’re to get it right. If it’s a business in a sector you’re familiar with, then the risk is probably less, but if it’s a new sector, then doing your due diligence accurately is very important. Assessing the value you’re willing to pay, future opportunities, specialist skills/knowledge and the growth potential are just some of the things worth looking at, as are the assets, liabilities and the details of any actual deal to buy.

Raising funds for your business can be a great way to encourage growth and expansion. The key is making sure you find the right type of investment, with the right partner or provider. Most people usually think the bank, but in fact, there are literally hundreds of different investment and loan products, provided by loads of organisations. Being clear what you need, why, when and on what terms is the starting point.